March home sales signaled a robust and active home buying season ahead for Boulder County.
“The Boulder-area market rocketed forward in March with strong sales that improved significantly,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
Following modest positive movement in February, housing surged forward in March, according to March sales statistics. Boulder Valley buyers showed up strong, undeterred by a market pattern of low inventory and rising prices. This pattern has characterized the countywide housing market for several years running.
Single-family home sales in the Boulder-area jumped 43.3 percent in March compared to February 2018 – 344 units sold vs. 240. Condominium and townhome sales also rose, marking 28.4 percent growth month-over-month with 122 units sold vs. 95.
Year-to-date, single-family home sales increased 8.7 percent through March 2018, with 829 Boulder-area homes sold vs. 763. Sales of condominiums and townhomes increased 1.6 percent year-to-date with 312 units sold compared to 307 for the same period in 2017.
Inventory also improved, though modestly. The number of single-family homes for sale grew by 10 percent – 651 units compared to 592 – while townhome and condo inventory grew 5.3 percent – 140 units vs. 133 – month-over-month.
“The inventory level is about a two-month supply of single-family homes and a one-month supply of condominiums and townhomes. A healthy market is thought of as a five- to six-month inventory supply,” says Hotard.
Nationally 40 percent of housing sales occur during March, April, May and June.
Hotard says the consistent buying activity we see in our housing market speaks volumes for the desirability of the area and health of the market.
“It’s a strong, positive market for sellers. We need a significant amount of new product in the market to meet the demand, particularly the demand for housing suited for young people and a broad demographic of ages and incomes.”